PitchBook News - Climate software hits a hiccup

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The Daily Pitch: VC

December 13, 2024

Presented by Silicon Valley Bank

👀 PE healthcare investors are watching Robert F. Kennedy Jr.'s nomination to head the Department of Health and Human Services closely. Kennedy's vaccine skepticism could raise standards for running clinical trials—a risk to contract research organizations that have been a popular target for buyout shops. Full story.

🌎 Funding for climate software startups has hit a three-year low, with $4 billion raised as of November, according to our latest analyst note. Software remains a core component of climate tech, and significant opportunities remain in areas like carbon accounting, Earth data and building energy efficiency. Go deeper.

VC fund extensions are LPs' new normal—blame sluggish unicorn IPOs

(Krisanapong Detraphiphat/Getty Images)

More than 40% of unicorns have spent at least nine years in a VC fund.

That reality is making VC fund extensions the new normal for LPs, but granting extensions often results in disappointment. Funds that receive extensions often take a hit to IRR, and a majority never return what they say their holdings are worth.

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Since yesterday, the PitchBook Platform added:

2134

People

805

Companies

46

Funds

See what our data software can do

The Daily Benchmark:
2016 Vintage Global Funds-of-Funds

Median IRR

16.58%

Top Quartile IRR

19.21%

0.59x

Median DPI

Select top performers

Spectra Investments III

Adams Street Venture Innovation Fund

Ironsides Partnership Fund IV

*IRR: net of fees

49 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Crusoe, a San Francisco-based AI infrastructure provider, raised a $600 million Series D led by Founders Fund that values the company at $2.8 billion.

Ayar Labs, which develops interconnect technology for AI systems, raised a $155 million Series D led by Advent Global Opportunities and Light Street Capital. The round values the company at over $1 billion.

Upvest, a Berlin-based investment infrastructure provider, secured a €100 million Series C led by Hedosophia.

Telecommunications company Gigs, which helps businesses operate their own mobile networks, raised a $73 million Series B led by Ribbit Capital, Axios reported.

Anybotics, a Zurich-based AI robotics startup, raised $60 million in a round led by Qualcomm Ventures and Supernova Invest.

Terradot, a carbon removal startup that specializes in enhanced rock weathering, secured a $58.2 million round led by John Doerr of Kleiner Perkins, Axios reported.

Evinced, a startup building developer tools that integrate accessibility metrics, raised a $55 million Series C led by Insight Partners, TechCrunch reported.

Battery technology startup Nanoramic raised a $44 million round led by GM Ventures and Catalus Capital.

Aisti, a Finnish maker of wood fiber-based acoustic tiles, secured a €29 million Series A from investors including Voima Ventures, Maki.vc and Valve Ventures.

PE Deals

Main Capital acquired a stake in Procilon Group, a Germany-based digital signature software provider.

Canada Pension Plan Investment Board, Masdar and the Abu Dhabi Investment Authority have offered to take India-based ReNew Energy Global private in a deal that could value energy supplier at $2.82 billion, Reuters reported.

Sweden-based Odevo, a property management company, will raise $1.4 billion in a private credit deal from Ares Management and Blackstone, Bloomberg reported.

AlpInvest and Sixth Street are supporting Essential Pharma in a €900 million recapitalization, with Sixth Street contributing €300 million in structured equity and growth debt.

The Riverside Company acquired CRTM, a German distributor of cleanroom products for the medical and optics industries.

Bain Capital invested $157 million in the Indonesian private healthcare company Mayapada Healthcare Group.

Warburg Pincus acquired a 20% minority stake in United Trust Bank, valuing the UK lender at £520 million.

Bain Capital is in advanced talks to acquire Australian financial services firm Insignia Financial for $2 billion.

Exits

Singapore's Temasek Holdings agreed to sell a stake in Malaysian network provider U Mobile at a $1.7 billion valuation.

Bic acquired Tangle Teezer, a UK-based hair care company, from PE firm Mayfair Equity Partners. Mayfair is exiting the business for a value of approximately €200 million.

Fundraising

The Carlyle Group raised $5.7 billion for its third Carlyle Credit Opportunities Fund.

Topology Ventures launched and raised a $75 million first fund. The firm focuses on AI, decentralized systems and neurotech.

Chart of the Day

Source: US VC female founders dashboard

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PitchBook News - Climate software hits a hiccup

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